Plug Power Received its Third Buy in a Row

After H.C. Wainwright and Canaccord Genuity assigned a Buy rating to Plug Power in the last month, the company received another Buy, this time from B.Riley FBR. Analyst Carter Driscoll reiterated a Buy rating on Plug Power (NASDAQ: PLUG) today and set a price target of $3.50. The company’s shares closed yesterday at $2.34.

Driscoll wrote:

“Summary and Recommendation Key investor takeaways. Yesterday, we attended PLUG’s investor day in Latham, NY , and offer our key takeaways. First, sometimes we forget PLUG created the fuel cell market for material handling and boasts ~95% market share, with over 19,000 units deployed and a $10 billion global addressable market, estimated to be less than 10% penetrated. Second, we believe PLUG’s turnkey solution, GenKey, is unmatched by any competitor. GenKey includes fuel cell engines, fueling infrastructure, and hydrogen fuel and service/maintenance the company developed over 10 years. In our opinion, no one else comes close to matching this, which we believe binds customers and increases repeat business. Third, there is potentially up to 40% more cost reductions to come from improvements in stack technology and scale.”

According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -3.2% and a 37.6% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and P10 Industries Inc.

Currently, the analyst consensus on Plug Power is Strong Buy and the average price target is $3.88, representing a 65.8% upside.

In a report issued on December 1, Canaccord Genuity also initiated coverage with a Buy rating on the stock with a $5 price target.

The company has a one-year high of $3.21 and a one-year low of $0.83. Currently, Plug Power has an average volume of 5.95M.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is neutral on the stock.

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Plug Power, Inc. provides alternative energy technology, which focuses on the design, development, commercialization and manufacture of fuel cell system. It sells and develops fuel cell products to replace lead acid batteries in material handling vehicles and industrial trucks.

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